Things that Affect the Furniture Industry's Growth

by ARC Modular Modular Kitchen & Wardrobe Design

The furniture industry is fundamentally a constantly expanding sector that uses a wide range of raw materials, often in rather significant quantities. Wood, wood foundation panels, leather, glass, plastic, metals, and textiles are just a few of the materials that can be used. The furniture is produced in a variety of forms, sizes, styles, and colour schemes (such as sofas, chairs, closets, mattresses, kitchens, etc.) to suit a variety of functions including educational institutions, businesses, workplaces, and homes.

In terms of design, fashion, and technology, Indian furniture is produced and exported at a high level of quality. The reputation of Indian furniture is well-known around the world. However, a sizable portion of furniture is also imported from several international nations.

An annual revenue of Rs 3,500 crore is produced by the Indian furniture sector. The unorganised sector makes up 85% of the industry, while the formal sector, which consists of exporters and manufacturers who serve the various industry segments, makes up the remaining 15%. Only the wooden furniture market has a portion worth close to Rs 60 crore. A new study predicts that the industry will expand by 20% in the future years.

Major Elements

The middle class attitude of Indians is quickly catching up to the idea of good living and a better lifestyle. The practise of interior design is no longer limited to wealthy Indians. Even those from the middle class don't mind spending more money to furnish their houses with contemporary pieces of furniture. These elements have caused the decor sector to expand, particularly when it comes to furniture. It is no longer surprising that foreign manufacturers are investing heavily in India's furniture business alongside domestic furniture producers and exporters. Significant negative effects of globalisation have increased demand for furniture. The media is essential in helping people learn about healthy living. In conclusion, the four categories listed below are what have caused the furniture sector to grow;

· Architects

· Builders

· Interior Designers

· Participation in Furniture Trade Fairs for increased exposure

If we examine various sub-categorized segments like Kitchen, Bathroom, Bedroom, etc. in addition to the primary segments like households, offices, and schools, furniture is in high demand. A recent poll found that leisure travel increased by 37% while home improvements increased by 38%, indicating that Indian consumers are prepared to spend a significant amount of money to meet their furnishing needs. This has prompted a number of well-known international businesses to launch their real presence in the Indian market through local retail stores.

Godrej & Boyce Manufacturing Co. Ltd., Furniturewala, Zuari, Yantra, Renaissance, N R Jasani & Company, Furniture Concepts, Durian, Kian, Millenium Lifestyles, Truzo, PSL Modular Furniture, BP Ergo, Tangent, Featherlite, and Haworth are a few of the major players in the Indian furniture industry.

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